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Russian President V.V. Putin’s instruction to create a unified export credit-insurance support center

26 june 2014 года
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Vladimir Putin signed a list of instructions after a meeting with members of the Government that was held on June 11, 2014

...

I hereby instruct the Russian Government together with State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and open joint stock company the Export Insurance Agency of Russia to ensure the creation of a unified export credit-insurance support center on the basis of the said joint stock company and transfer to its ownership 100 percent of shares in the State Specialized Russian Export-Import Bank.

Date - November 1, 2014
Responsible persons: D.A. Medvedev, V.A. Dmitriev, Fradkov P.M.

In accordance with Federal Law dated May 17,2007 № 82-FZ “On the Bank for Development», Vnesheconombank is to participate in arranging for providing financial and guarantee support for industrial exports of Russian companies in order to make the Russian economy more competitive, diversify it and encourage investment activity.

The Russian Government appointed Vnesheconombank as a bank responsible for providing comprehensive support for exports of Russian products, works and services. The objective is to create a national Russian industrial exports support system. This work is being performed by Vnesheconombank Group, VEB itself where an export-financing department was created in June of 2013, theExport Insurance Agency of Russia (EXIAR), OJSC VEB-Leasing and CJSC the State Specialized Russian Export-Import Bank. The creation of a unified export credit insurance support center on the basis of EXIAR and Roseximbank will become an important element in expanding the national export support system.

From early 2013 to April of 2014, VEB increased export financing by 3.2 times to 160 billion rubles, its loan portfolio increased by more than 8.5 times and its guarantee portfolio – by almost three times. The Bank supported export contracts of Russian enterprises in the total amount of 710 billion rubles. In the first quarter of the current year, 18 new export credits have been approved. At present, the Bank is considering several dozens of large and medium-scale export projects with the Bank’s potential participation share of more than 300 billion rubles.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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